Electric Power Steering Market by Type, Components, Mechanism, Technology, Vehicle Type, Application

List of Tables

The Electric Power Steering Market was valued at USD 25.86 billion in 2023, expected to reach USD 27.33 billion in 2024, and is projected to grow at a CAGR of 5.99%, to USD 38.87 billion by 2030.

Electric Power Steering (EPS) is a sophisticated system that replaces traditional hydraulic power steering by using an electric motor to assist drivers in steering their vehicles. The EPS system is integrated into the steering column or rack and pinion, enhancing efficiency and offering benefits such as improved fuel economy, variable steering assistance, and reduced maintenance requirements. The necessity of EPS is underscored by the automotive industry's shift towards electrification and the increasing demand for fuel-efficient vehicles with lower emissions. Its application is broad, spanning various vehicle types, including passenger cars, commercial vehicles, and off-highway vehicles, while catering to both OEMs and aftermarket services. With the rise in EV adoption, the technological synergy between electric vehicles and EPS creates a robust end-use scope. Market growth is significantly influenced by factors such as stringent government regulations on fuel efficiency, growing automotive production, and advancements in sensor and microcontroller technologies. Emerging opportunities lie in the integration of EPS with autonomous driving systems and the development of fail-safe systems to enhance reliability. However, market growth is impeded by challenges like high initial costs, potential cybersecurity risks, and the complex nature of EPS systems which require extensive R&D efforts. Key areas for innovation include advanced algorithms for adaptive steering, lightweight materials to reduce system weight, and enhanced electronic interfaces for better integration with other vehicle systems. To capitalize on these opportunities, companies should focus on partnerships for technological integration and invest in R&D for cost-effective solutions to expand the market penetration of EPS systems. Given the dynamic nature of the market, characterized by rapid technological advancements and evolving consumer preferences, companies should adopt a proactive approach to market trends and foster collaboration with technology providers to stay competitive.

KEY MARKET STATISTICS
Base Year [2023]	USD 25.86 billion
Estimated Year [2024]	USD 27.33 billion
Forecast Year [2030]	USD 38.87 billion
CAGR (%)	5.99%

Market Dynamics: Unveiling Key Market Insights in the Rapidly Evolving Electric Power Steering Market

The Electric Power Steering Market is undergoing transformative changes driven by a dynamic interplay of supply and demand factors. Understanding these evolving market dynamics prepares business organizations to make informed investment decisions, refine strategic decisions, and seize new opportunities. By gaining a comprehensive view of these trends, business organizations can mitigate various risks across political, geographic, technical, social, and economic domains while also gaining a clearer understanding of consumer behavior and its impact on manufacturing costs and purchasing trends.

Market Drivers
- Rising production and adoption of BEVs in the automotive sector
- Growing prevalence of electric and hybrid vehicles boosting the adoption of EPS systems
- Increasing popularity of energy efficient self-driven vehicles and hybrid cars
Market Restraints
- High cost of spare parts of the electric power steering wheel
Market Opportunities
- Investment in research and development to optimize EPS systems for BEVs
- Development of novel products in the electric power steering wheels
Market Challenges
- Rising concerns for vehicle recalls owing to EPS misfitting

Porter's Five Forces: A Strategic Tool for Navigating the Electric Power Steering Market

Porter's five forces framework is a critical tool for understanding the competitive landscape of the Electric Power Steering Market. It offers business organizations with a clear methodology for evaluating their competitive positioning and exploring strategic opportunities. This framework helps businesses assess the power dynamics within the market and determine the profitability of new ventures. With these insights, business organizations can leverage their strengths, address weaknesses, and avoid potential challenges, ensuring a more resilient market positioning.

PESTLE Analysis: Navigating External Influences in the Electric Power Steering Market

External macro-environmental factors play a pivotal role in shaping the performance dynamics of the Electric Power Steering Market. Political, Economic, Social, Technological, Legal, and Environmental factors analysis provides the necessary information to navigate these influences. By examining PESTLE factors, businesses can better understand potential risks and opportunities. This analysis enables business organizations to anticipate changes in regulations, consumer preferences, and economic trends, ensuring they are prepared to make proactive, forward-thinking decisions.

Market Share Analysis: Understanding the Competitive Landscape in the Electric Power Steering Market

A detailed market share analysis in the Electric Power Steering Market provides a comprehensive assessment of vendors' performance. Companies can identify their competitive positioning by comparing key metrics, including revenue, customer base, and growth rates. This analysis highlights market concentration, fragmentation, and trends in consolidation, offering vendors the insights required to make strategic decisions that enhance their position in an increasingly competitive landscape.

FPNV Positioning Matrix: Evaluating Vendors' Performance in the Electric Power Steering Market

The Forefront, Pathfinder, Niche, Vital (FPNV) Positioning Matrix is a critical tool for evaluating vendors within the Electric Power Steering Market. This matrix enables business organizations to make well-informed decisions that align with their goals by assessing vendors based on their business strategy and product satisfaction. The four quadrants provide a clear and precise segmentation of vendors, helping users identify the right partners and solutions that best fit their strategic objectives.

Strategy Analysis & Recommendation: Charting a Path to Success in the Electric Power Steering Market

A strategic analysis of the Electric Power Steering Market is essential for businesses looking to strengthen their global market presence. By reviewing key resources, capabilities, and performance indicators, business organizations can identify growth opportunities and work toward improvement. This approach helps businesses navigate challenges in the competitive landscape and ensures they are well-positioned to capitalize on newer opportunities and drive long-term success.

Key Company Profiles

The report delves into recent significant developments in the Electric Power Steering Market, highlighting leading vendors and their innovative profiles. These include BorgWarner Inc., Continental AG, Denso Corporation, Georgsmarienhutte Holding GmbH, GKN Automotive Limited, Hitachi Astemo, Ltd., Hubei Henglong Auto System Group Co., Ltd., Hyundai Mobis Co., Ltd., Infineon Technologies AG, JTEKT Corporation, Magna International Inc., Mando Corporation, Mazda Motor Corporation, Mitsubishi Electric Corporation, Nexteer Automotive Corporation, Nissan Motor Co., Ltd., NSK Ltd., Renesas Electronics Corporation, Robert Bosch GmbH, Rollax GmbH & CO., ThyssenKrupp AG, Yubei Steering System Co., Ltd., and ZF Friedrichshafen AG.

Market Segmentation & Coverage

This research report categorizes the Electric Power Steering Market to forecast the revenues and analyze trends in each of the following sub-markets:

Based on Type, market is studied across Column-Assist Electric Power Steering, Pinion Assist Type Electric Power Steering, and Rack-Assist Electric Power Steering. The Pinion Assist Type Electric Power Steering is further studied across Dual Pinion Assist and Single Pinion Assist.
Based on Components, market is studied across Actuators, Electric Motors & Controllers, Sensors, and Steering Wheel. The Sensors is further studied across Angle Position Sensors, Torque Sensors, and Vehicle Speed Sensor.
Based on Mechanism, market is studied across Belt Driven and Motor Driven.
Based on Technology, market is studied across Brushless Motor Technologies and Microcontroller-based Systems.
Based on Vehicle Type, market is studied across Commercial Vehicles and Passenger Vehicles. The Commercial Vehicles is further studied across Heavy Commercial Vehicles and Light Commercial Vehicles. The Passenger Vehicles is further studied across Sedans and SUVs.
Based on Application, market is studied across Automated Mobility, Connected Mobility, and Powertrain Systems & Electrified Mobility.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom.

The report offers a comprehensive analysis of the market, covering key focus areas:

1. Market Penetration: A detailed review of the current market environment, including extensive data from top industry players, evaluating their market reach and overall influence.

2. Market Development: Identifies growth opportunities in emerging markets and assesses expansion potential in established sectors, providing a strategic roadmap for future growth.

3. Market Diversification: Analyzes recent product launches, untapped geographic regions, major industry advancements, and strategic investments reshaping the market.

4. Competitive Assessment & Intelligence: Provides a thorough analysis of the competitive landscape, examining market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, and technological advancements of key players.

5. Product Development & Innovation: Highlights cutting-edge technologies, R&D activities, and product innovations expected to drive future market growth.

The report also answers critical questions to aid stakeholders in making informed decisions:

1. What is the current market size, and what is the forecasted growth?

2. Which products, segments, and regions offer the best investment opportunities?

3. What are the key technology trends and regulatory influences shaping the market?

4. How do leading vendors rank in terms of market share and competitive positioning?

5. What revenue sources and strategic opportunities drive vendors' market entry or exit strategies?

Product Code: MRR-732E7CFCB4F2

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Rising production and adoption of BEVs in the automotive sector
  - 5.1.1.2. Growing prevalence of electric and hybrid vehicles boosting the adoption of EPS systems
  - 5.1.1.3. Increasing popularity of energy efficient self-driven vehicles and hybrid cars
- 5.1.2. Restraints
  - 5.1.2.1. High cost of spare parts of the electric power steering wheel
- 5.1.3. Opportunities
  - 5.1.3.1. Investment in research and development to optimize EPS systems for BEVs
  - 5.1.3.2. Development of novel products in the electric power steering wheels
- 5.1.4. Challenges
  - 5.1.4.1. Rising concerns for vehicle recalls owing to EPS misfitting
5.2. Market Segmentation Analysis
- 5.2.1. Type: Growing usage of pinion assist type electric power steering in the automotive industry owing for precise steering control
- 5.2.2. Applications: Rising demand for EPS in autonomous vehicles for enhanced vehicle control
5.3. Porter's Five Forces Analysis
- 5.3.1. Threat of New Entrants
- 5.3.2. Threat of Substitutes
- 5.3.3. Bargaining Power of Customers
- 5.3.4. Bargaining Power of Suppliers
- 5.3.5. Industry Rivalry
5.4. PESTLE Analysis
- 5.4.1. Political
- 5.4.2. Economic
- 5.4.3. Social
- 5.4.4. Technological
- 5.4.5. Legal
- 5.4.6. Environmental

6. Electric Power Steering Market, by Type

6.1. Introduction
6.2. Column-Assist Electric Power Steering
6.3. Pinion Assist Type Electric Power Steering
- 6.3.1. Dual Pinion Assist
- 6.3.2. Single Pinion Assist
6.4. Rack-Assist Electric Power Steering

7. Electric Power Steering Market, by Components

7.1. Introduction
7.2. Actuators
7.3. Electric Motors & Controllers
7.4. Sensors
- 7.4.1. Angle Position Sensors
- 7.4.2. Torque Sensors
- 7.4.3. Vehicle Speed Sensor
7.5. Steering Wheel

8. Electric Power Steering Market, by Mechanism

8.1. Introduction
8.2. Belt Driven
8.3. Motor Driven

9. Electric Power Steering Market, by Technology

9.1. Introduction
9.2. Brushless Motor Technologies
9.3. Microcontroller-based Systems

10. Electric Power Steering Market, by Vehicle Type

10.1. Introduction
10.2. Commercial Vehicles
- 10.2.1. Heavy Commercial Vehicles
- 10.2.2. Light Commercial Vehicles
10.3. Passenger Vehicles
- 10.3.1. Sedans
- 10.3.2. SUVs

11. Electric Power Steering Market, by Application

11.1. Introduction
11.2. Automated Mobility
11.3. Connected Mobility
11.4. Powertrain Systems & Electrified Mobility

12. Americas Electric Power Steering Market

12.1. Introduction
12.2. Argentina
12.3. Brazil
12.4. Canada
12.5. Mexico
12.6. United States

13. Asia-Pacific Electric Power Steering Market

13.1. Introduction
13.2. Australia
13.3. China
13.4. India
13.5. Indonesia
13.6. Japan
13.7. Malaysia
13.8. Philippines
13.9. Singapore
13.10. South Korea
13.11. Taiwan
13.12. Thailand
13.13. Vietnam

14. Europe, Middle East & Africa Electric Power Steering Market

14.1. Introduction
14.2. Denmark
14.3. Egypt
14.4. Finland
14.5. France
14.6. Germany
14.7. Israel
14.8. Italy
14.9. Netherlands
14.10. Nigeria
14.11. Norway
14.12. Poland
14.13. Qatar
14.14. Russia
14.15. Saudi Arabia
14.16. South Africa
14.17. Spain
14.18. Sweden
14.19. Switzerland
14.20. Turkey
14.21. United Arab Emirates
14.22. United Kingdom

15. Competitive Landscape

15.1. Market Share Analysis, 2023
15.2. FPNV Positioning Matrix, 2023
15.3. Competitive Scenario Analysis
- 15.3.1. Nexteer Automotive announced the expansion to introduce a Modular Pinion-Assist Electric Power Steering system
- 15.3.2. Volkswagen Group and mobileye partnered to enhance autonomous driving with advanced platform integration across luxury brands
15.4. Strategy Analysis & Recommendation

Companies Mentioned

1. BorgWarner Inc.
2. Continental AG
3. Denso Corporation
4. Georgsmarienhutte Holding GmbH
5. GKN Automotive Limited
6. Hitachi Astemo, Ltd.
7. Hubei Henglong Auto System Group Co., Ltd.
8. Hyundai Mobis Co., Ltd.
9. Infineon Technologies AG
10. JTEKT Corporation
11. Magna International Inc.
12. Mando Corporation
13. Mazda Motor Corporation
14. Mitsubishi Electric Corporation
15. Nexteer Automotive Corporation
16. Nissan Motor Co., Ltd.
17. NSK Ltd.
18. Renesas Electronics Corporation
19. Robert Bosch GmbH
20. Rollax GmbH & CO.
21. ThyssenKrupp AG
22. Yubei Steering System Co., Ltd.
23. ZF Friedrichshafen AG